MIDEAST STOCKS-Most Gulf bourses gain on upbeat earnings, easing tariff concerns

By Ateeq Shariff

April 29 (Reuters) - Most stock markets in the Gulf ended higher on Tuesday underpinned by positive corporate earnings and amid indications of easing U.S.-China trade tensions.

U.S. President Donald Trump's administration will move to reduce the impact of his automotive tariffs by alleviating some duties on foreign parts in domestically manufactured cars and keeping tariffs on cars made abroad from piling on top of other ones, officials said.

In a notable development, China has lifted tariffs on some U.S. imports and asked companies to specify critical goods needing exemptions, signalling Beijing's increasing unease over the trade war's consequences.

Dubai's main share index .DFMGI gained 0.5%, with top lender Emirates NBD ENBD.DU rising 0.7%.

In Abu Dhabi, the index .FTFADGI rose 0.6%, buoyed by a 3.1% jump in First Abu Dhabi Bank FAB.AD as the United Arab Emirates' biggest lender beat first-quarter estimates.

The bank reported a net profit of 5.13 billion dirhams ($1.40 billion), beating analysts' average expectations of 4.24 billion dirhams, according to data compiled by LSEG.

On the other hand, investment firm Multiply Group MULTIPLY.AD slid 3.2% after reporting a drop in first-quarter profit.

Saudi Arabia's benchmark index .TASI closed 0.3% lower, hit by a 2.2% fall in Alinma Bank 1150.SE, after the lender reported a sequential fall in first-quarter profit.

Elsewhere, Saudi Kayan Petrochemical Company 2350.SE retreated 2.8%, as the petrochemical firm's quarterly losses widened.

However, Arabian Contracting Services Company 4071.SE surged about 10% - to become the top gainer on the index - following a steep rise in annual sales.

The Qatari index .QSI was up 0.2%.

Outside the Gulf, Egypt's blue-chip index .EGX30 inched 0.1% higher, helped by a 2.8% rise in Talaat Moustafa Group Holding (TMGH) TMGH.CA, as the firm is in advanced negotiations for a new large-scale mixed-use project in Iraq.

The project is expected to produce annual recurring income exceeding $1.5 billion.

($1 = 3.6728 UAE dirham)